Some Florida lawmakers want to repossess foreclosed homes more quickly

Some Florida lawmakers want to tweak a rarely used fast-track foreclosure law to shrink the state’s court backlog and as an end run around Wall Street reforms that may bar nonjudicial foreclosures.

The Senate judiciary committee, which has discussed ways to reduce the average two-year timeline to repossess a home in Florida, is scheduled to meet today in Tallahassee.

Committee member Sen. David Simmons, R-Maitland, said this week that he has drafted a bill that would change Florida Statute 702.10, a 1993 law that requires a property owner to “show cause” why a final foreclosure judgment should not be entered on an expedited basis. The bill isn’t on the agenda yet.

According to a foreclosure report by Senate staff that was presented to the committee last month, bank lawyers haven’t used the law because they believe it is limited to nonresidential property and doesn’t allow for a deficiency judgment to be entered against the owner.

The report also says that the Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law in July 2010, puts limits on nonjudicial foreclosures and that adopting a nonjudicial process would require substantial changes to property laws.

Simmons said the Florida Bankers Association asked him to work on a proposal that will help clear an estimated court backlog of 371,000 foreclosure cases. His bill, which would affect current foreclosures, is still being drafted and not yet available online, he said.

“We’ve got to create an expedited method of dealing with this that will take down the backlog where the homeowner has no defenses and is simply waiting it out…

Check out the rest here…

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I haven’t seen ONE fraudclosure where the homeowner has no defenses…

This appears as just another way to STEAL the home…

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4closureFraud.org